Pensions
New York State Common Retirement Fund Posts 11.94% Return in Fiscal Year
Assets of the pension rose to a record $295.4 billion.
Reported by Matt Toledo
Assets of the New York State Common Retirement Fund rose to a new high-water mark of $295.4 billion, as of the end of the state’s most recent fiscal year, which ended March 31, following an 11.94% annual return generated across asset classes, the fund announced Wednesday.
The fund outperformed its long-term expected rate of return of 5.9%. It reported annualized returns of 9.74%, 6.77% and 8.94% over the past three, five and 10 years, respectively.
Positive results in all asset classes, particularly equities, drove the fund’s returns.
Source: New York State Common Retirement Fund
“The New York State Common Retirement Fund delivered another year of strong results despite economic uncertainty, persistent inflation, and turbulence out of Washington,” New York State Comptroller Thomas DiNapoli said in a statement. “Reaching a record-high value is a testament to the strength of our investment team and our commitment to keeping the promises made to New Yorkers.”
The fund, one of the largest public pension plans in the U.S., invests on behalf of the New York State and Local Retirement System, serving 1.3 million state and local government employees, retirees and their beneficiaries.